475 E Foothill BLVD, Pomona, CA 91767 – CV25132036

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Sean Beattie Jr.

BRIVIO Realty Inc

info@seanbeattiejr.com +1(415) 845-8732

$7,800,000

Est. payment - /mo

1.03 Acres Lot

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UPDATED:

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID CV25132036

HOA Y/N No

Year Built 1969

Lot Size 1.030 Acres

Property Sub-Type Apartment

Property Description

A rare opportunity to acquire a value-add 60-unit extended stay property being operated as a multifamily community in Pomona, California. Foothill Suites is located in the northernmost section of Pomona, which anchors the eastern end of Los Angeles County. This serves as a gateway city to the powerful Los Angeles employment base and the Inland Empire, a region with a population of approximately four million people. The city is surrounded by vibrant and affluent communities like La Verne to the west and Claremont to the east, and the submarket is known as a powerhouse of higher learning institutions. It is conveniently situated just 2 miles from the prestigious Claremont Colleges, including Claremont McKenna College, Pomona
College, Scripps College, Harvey Mudd College, and Pitzer College. Additionally, Foothill Suites is a short car ride away from other prominent educational institutions such as Cal Poly Pomona, University of La Verne, and Western University of Health Sciences.

Comprising 36 studios and 24 one-bedroom units, the property is designed to cater to the diverse housing needs of its residents. Foothill Suites offer convenience and amenities such as a swimming pool, controlled access for enhanced security, on-site laundry facility, and sixty open space parking spaces, ensuring practicality for residents. The building features a manager's office and is master metered for all utilities. The City of Pomona has rent control, buyer to verify.

Presently, the property's vacancy rate is 20%, and the current Pomona sub-market vacancy rate is 3.45%. This delta of 16.55% vacancy upside through active management gives the new investor a substantial upside in rental income. In addition, Foothill Suites would greatly benefit from implementing the Ratio Utility Billing System (RUBS), this would add a sizable increase directly to the net operating income of the building.
Given the property's upside potential, desirable location, and connectivity between major employment centers in Los Angeles and the Inland Empire, Foothill Suites is poised to deliver meaningful returns and appreciation to investors over the next hold period.

Location

State CA

County Los Angeles

Area 687 - Pomona

Zoning POC4*

Interior

Fireplace No

Laundry Common Area

Exterior

Pool Community

Community Features Sidewalks, Pool

Total Parking Spaces 60

Private Pool No

Building

Lot Description Lot Over 40000 Sqft

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 8304014014

Energy Description 21838.0

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

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Listed by Douglas McCauley • MARCUS & MILLICHAP • 626-695-6776

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Sean Beattie Jr.

+1(415) 845-8732

Agent | CA DRE# 01944311

Agent CA DRE# 01944311

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475 E Foothill BLVD Pomona, CA 91767

Sean Beattie Jr.

Key Details

Location

Interior

Exterior

Building

Others

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